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Norway Economy 2017
https://theodora.com/wfbcurrent/norway/norway_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Norway Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

Economy - overview:
Norway's has a stable economy with a vibrant private sector, a large state sector, and an extensive social safety net. Norway opted out of the EU during a referendum in November 1994; nonetheless, as a member of the European Economic Area, it contributes sizably to the EU budget.The country is richly endowed with natural resources in addition to oil and gas, including hydropower, fish, forests, and minerals. The government manages the country’s petroleum resources through extensive regulation. The petroleum sector provides about 9% of jobs, 15% of GDP, and 39% of exports, according to official national estimates. Norway is one of the world's leading petroleum exporters, though oil production in 2015 was close to 50% below its peak in 2000; annual gas production, conversely, more than doubled over the same time period.In anticipation of eventual declines in oil and gas production, Norway saves state revenue from petroleum sector activities in the world's largest sovereign wealth fund, valued at over $800 billion as of early 2016. The government allows itself to use up to 4% of the fund’s value, its annual expected real rate of return, to help balance the federal budget each year. After solid GDP growth in 2004-07, the economy slowed in 2008, and contracted in 2009, before returning to modest, positive growth from 2010 to 2015. Lower oil prices in 2015 caused growth to slow, increased unemployment, and weakened the Norwegian krone. The latter trend has mitigated the negative impact of lower oil and gas prices by making Norwegian exports cheaper for foreign buyers. The government has expressed willingness to increase public spending from the sovereign wealth fund to help prevent a recession.

GDP (purchasing power parity):
$364.7 billion (2016 est.) $361.7 billion (2015 est.) $356 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 49
[see also: GDP country ranks ]

GDP (official exchange rate):
$376.3 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
0.8% (2016 est.) 1.6% (2015 est.) 2.2% (2014 est.)
country comparison to the world: 182
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$69,300 (2016 est.) $69,500 (2015 est.) $69,100 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 12
[see also: GDP - per capita country ranks ]

Gross national saving:
35.3% of GDP (2016 est.) 37.6% of GDP (2015 est.) 40.2% of GDP (2014 est.)
country comparison to the world: 13
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 44%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 24.3%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 23.3%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 5.4%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 36.1%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -33.1% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 1.8%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 34.7%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 63.5% (2016 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
barley, wheat, potatoes; pork, beef, veal, milk; fish

Industries:
petroleum and gas, shipping, fishing, aquaculture, food processing, shipbuilding, pulp and paper products, metals, chemicals, timber, mining, textiles

Industrial production growth rate:
-0.5% (2016 est.)
country comparison to the world: 177
[see also: Industrial production growth rate country ranks ]

Labor force:
2.794 million (2016 est.)
country comparison to the world: 106
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 2.7%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 18.3%
[see also: Labor force - by occupation - industry country ranks ]
services: 79% (2015 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
4.8% (2016 est.) 4.4% (2015 est.)
country comparison to the world: 50
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 3.8%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 21.2% (2014)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
26.8 (2010) 25.8 (1995)
country comparison to the world: 134
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $199.8 billion
[see also: Budget revenues country ranks ]
expenditures: $188.8 billion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
53.1% of GDP (2016 est.)
country comparison to the world: 10
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
2.9% of GDP (2016 est.)
country comparison to the world: 12
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
32.2% of GDP (2016 est.) 31.8% of GDP (2015 est.)
note: data cover general government debt, and includes debt instruments issued (or owned) by government entities other than the treasury; the data exclude treasury debt held by foreign entities; the data exclude debt issued by subnational entities, as well as i
country comparison to the world: 140
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
3.5% (2016 est.) 2.2% (2015 est.)
country comparison to the world: 151
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
6.25% (31 December 2010) 1.75% (31 December 2009)
country comparison to the world: 63
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
1.4% (31 December 2016 est.) 1.75% (31 December 2015 est.)
country comparison to the world: 183
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$206.1 billion (31 December 2016 est.) $200.3 billion (31 December 2015 est.)
country comparison to the world: 21
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$323.9 billion (31 December 2014 est.) $310 billion (31 December 2013 est.)
country comparison to the world: 32
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$549.2 billion (31 December 2016 est.) $527.7 billion (31 December 2015 est.)
country comparison to the world: 24
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$193.9 billion (31 December 2015 est.) $219.4 billion (31 December 2014 est.) $265.4 billion (31 December 2013 est.)
country comparison to the world: 33
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$26.23 billion (2016 est.) $35.04 billion (2015 est.)
country comparison to the world: 14
[see also: Current account balance country ranks ]

Exports:
$92.4 billion (2016 est.) $102.9 billion (2015 est.)
country comparison to the world: 36
[see also: Exports country ranks ]

Exports - commodities:
petroleum and petroleum products, machinery and equipment, metals, chemicals, ships, fish

Exports - partners:
UK 22.2%, Germany 17.9%, Netherlands 10.2%, France 6.6%, Sweden 6.1%, Belgium 5%, US 4.5% (2015)

Imports:
$73.02 billion (2016 est.) $75.79 billion (2015 est.)
country comparison to the world: 38
[see also: Imports country ranks ]

Imports - commodities:
machinery and equipment, chemicals, metals, foodstuffs

Imports - partners:
Sweden 12%, Germany 11.8%, China 10.9%, UK 6.7%, US 6.6%, Denmark 6% (2015)

Reserves of foreign exchange and gold:
$57.46 billion (31 December 2015 est.) $64.8 billion (31 December 2014 est.)
country comparison to the world: 34
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$642.3 billion (31 March 2016 est.) $640.1 billion (31 March 2015 est.)
note: Norway is a net external creditor
country comparison to the world: 19
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$206.2 billion (31 December 2016 est.) $201.1 billion (31 December 2015 est.)
country comparison to the world: 27
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$195.1 billion (31 December 2016 est.) $192.2 billion (31 December 2015 est.)
country comparison to the world: 25
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Norwegian kroner (NOK) per US dollar - 8.615 (2016 est.) 8.0646 (2015 est.) 8.0646 (2014 est.) 6.3021 (2013 est.) 5.82 (2012 est.)


NOTE: The information regarding Norway on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Norway Economy 2017 information contained here. All suggestions for corrections of any errors about Norway Economy 2017 should be addressed to the CIA.




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